<SEC-DOCUMENT>0001193125-17-265648.txt : 20180312
<SEC-HEADER>0001193125-17-265648.hdr.sgml : 20180312
<ACCEPTANCE-DATETIME>20170823161204
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-265648
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20170823

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI MULTIMEDIA TRUST INC.
		CENTRAL INDEX KEY:			0000921671
		IRS NUMBER:				133767317
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434
		BUSINESS PHONE:		9149215070

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI GLOBAL MULTIMEDIA TRUST INC
		DATE OF NAME CHANGE:	19940414
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>The Gabelli Multimedia Trust Inc.</TITLE>
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 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">(212) <FONT STYLE="white-space:nowrap">318-6054</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">vadimavdeychik@paulhastings.com </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">August&nbsp;23, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms.&nbsp;Jaea Hahn </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Senior Counsel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Division of Investment
Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Washington,
DC&nbsp;&nbsp;20549 </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">The Gabelli Multimedia Trust Inc. </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman"><U>(File Nos.
<FONT STYLE="white-space:nowrap">333-218771;</FONT> <FONT STYLE="white-space:nowrap">811-08476)</FONT></U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Dear Ms.&nbsp;Hahn: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This letter responds to your comments communicated to the undersigned with respect to the initial registration statement on Form <FONT
STYLE="white-space:nowrap">N-2</FONT> for The Gabelli Multimedia Trust Inc. (the &#147;Fund&#148;) filed on June&nbsp;15, 2017, under the Securities Act of 1933 (&#147;1933 Act&#148;) and the Investment Company Act of 1940 (&#147;1940 Act&#148;)
with the Securities and Exchange Commission (the &#147;Commission&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Fund&#146;s responses to your comments are reflected below. We have
restated your comments for ease of reference. Capitalized terms shall have the same meanings as in the registration statement, unless otherwise indicated. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>General </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 1: </B>We note that portions of the
registration statement are incomplete. We may have additional comments on such portions when you complete them in a <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment, on disclosures made in response to this letter, on information
supplied supplementally, or on exhibits added in any <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response:</B>
Comment acknowledged. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>PROSPECTUS </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Cover
page </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 2: </B>If known, please provide information about the ratio of subscription rights to common shares required for any exercise of
subscription rights. Alternatively, please confirm </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Page 2 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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that in a transferable rights offering, the ratio of subscription rights to common shares will not exceed three to one. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The ratio of subscription rights to common shares in a rights offering is not known at this time. The Fund confirms that in a
transferable rights offering, the ratio of subscription rights to common shares will not exceed three to one. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 3: </B>We note that the Fund has
adopted a managed distribution policy that pays a minimum annual distribution to common stockholders. Please disclose that the Fund&#146;s distributions on its common shares may contain a return of capital. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response:</B> The Fund will update the applicable disclosure to note that distributions on the Fund&#146;s common shares may contain a
return of capital. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 4:</B> In the first paragraph under the heading &#147;Investment Objectives,&#148; please revise the fourth sentence
describing the Fund&#146;s 80% Policy as follows: &#147;Under normal market conditions, the Fund will invest at least 80% of the value of its <I><U>net</U></I><B> </B>assets<I><U>, plus borrowings for investment purposes,</U></I><B> </B>in common
stock&#133;.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Fund has made the requested revision.<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 5:</B> Please consider adding a definition of &#147;multimedia&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund respectfully submits that it does not believe that a definition of &#147;multimedia&#148; is necessary at this time.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Prospectus Summary &#150; Investment Objectives and Policies </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 6:</B> Please confirm that any derivatives used to meet the Fund&#146;s 80% Policy will have &#147;economic characteristics similar to the
securities&#148; required by the policy and will be valued at mark to market rather than notional value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response: </B>Confirmed.
<B></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 7:</B> We note that on page 27 in the discussion of risk factors, you disclose that the Fund may invest 10% of its net assets in junk
bonds; however, this principal investment is not identified in the prospectus summary. Please revise the summary of investment objectives and policies to identify <B><I>all </I></B>of the Fund&#146;s principal investment strategies including the
Fund&#146;s potential investment in junk bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund respectfully submits that &#147;junk bonds&#148; are not a
principal investment for the Fund. To the extent this changes in the future, the Fund will update the applicable disclosure. In addition, the Fund notes that the current investment objectives and policies identify all of the current principal
investment strategies for the Fund, and no further revisions are necessary at this time. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Page 3 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 8:</B> The last paragraph of the summary of investment objectives and policies discusses the risk
of investing in foreign issuers. Please move this paragraph to the discussion of risk factors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund respectfully
submits that Foreign Securities risk factor is already included in the discussion of risk factors. Furthermore, because investment in foreign securities is a principal investment strategy for the Fund, no further revisions are necessary at this
time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Risk Factors and Special Considerations </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 9: </B>In the discussion of leverage risk, please disclose that because the Fund pays the Investment Adviser a fee equal on an annual basis to
1.00% of the Fund&#146;s average weekly net assets including the liquidation value of preferred stock, the Investment Adviser may have an incentive to increase the Fund&#146;s use of leverage. While we note the Investment Adviser has agreed to
reduce its management fee based on the incremental assets attributable to certain series of preferred stock in certain circumstances as disclosed in the discussion of the Fund&#146;s advisory agreement on pages
<FONT STYLE="white-space:nowrap">36-37,</FONT> the fee waiver is voluntary and may be modified or terminated at any time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund respectfully submits that the language in the section titled &#147;Management and Fees&#148; currently reads:
&#147;The fee paid by the Fund may be higher when leverage in the form of preferred stock is utilized, giving the Investment Adviser an incentive to utilize such leverage.&#148; Accordingly, the Fund respectfully submits that no further disclosure
is necessary at this time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 10: </B>As noted in comment 7 above, the prospectus identifies a risk factor related to the Fund&#146;s potential
investment in junk bonds that is not identified in the summary of risk factors. Please review the summary of risk factors to ensure that it identifies all of the principal risks posed by each principal investment of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund respectfully submits that all of the principal risk factors are appropriately identified. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 11:</B> We note that with regard to market capitalization, only smaller companies risk is identified as a possible risk of investment in the Fund.
Since the Fund invests in issuers of all capitalization, please consider whether additional risk factors should be identified related to market capitalization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: Comment acknowledged. The Fund does not believe any revisions are necessary at this time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 12:</B> We note the risk factor &#147;Government Intervention in Financial Markets Risk.&#148; Please revise this disclosure to identify why this
risk is relevant to shareholders in the Fund, and the principal investment strategies to which the risk corresponds. For example, the discussion notes that &#147;the real estate, mortgage and credit markets have been particularly affected&#148; in
the past several years by governmental intervention, but none of these markets appears to be &#147;multimedia related&#148; (<I>e.g</I>. related to the principal investment strategy of the Fund). </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Page 4 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Fund respectfully submits that while &#147;Government Intervention in
Financial Markets&#148; risk factor provides as an example, among others, &#147;real estate&#148; and &#147;credit&#148; markets, the disclosure also notes that governments and regulatory agencies may take actions that affect regulation of the
instruments in which the Fund invests and as a result, the Fund believes that the risk factor is relevant to Fund shareholders and no further revisions are necessary at this time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 13: </B>We note the risk factor &#147;Change in Presidential Administration.&#148; Please explain the relevance to the Fund&#146;s principal
investment strategies and consider whether the risk is still relevant now that we are more than six months into the new administration. In general, please note that the disclosure in the prospectus should cover risks related to current market
conditions. <I>See, </I>Fund Disclosure Reflecting Risks Related to Current Market Conditions, IMGU <FONT STYLE="white-space:nowrap">2016-02</FONT> (March 2016). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: Comment acknowledged. The Fund respectfully submits that the Fund views this risk factor as relevant to Fund shareholders
because the new administration has noted that it may take actions or fail to take actions through legislation that will impact financial markets and the Fund believes that such actions or failure to take actions may have an adverse effect on Fund
investments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Management and Fees </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 14:
</B>We note that under the terms of the Advisory Agreement, the Fund pays the Investment Adviser expenses of computing the Fund&#146;s net asset value as well as administrative fees. Please highlight these additional fees in the summary section.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response: </B>The Fund respectfully submits that such fees are included in the &#147;Other Expenses&#148; section of the Fee Table.
Furthermore, the last sentence in the first paragraph of the &#147;Advisory Agreement&#148; section already notes that the Fund reimbursed the Investment Adviser $45,000 in connection with the cost of computing the Fund&#146;s net asset value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Summary of Fund Expenses </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 15: </B>We note
that in the discussion of the Advisory Agreement, on page 36, the Investment Adviser is paid for certain enumerated services, including supervising the calculation of the Fund&#146;s net asset value. Please confirm such expenses are reflected in the
expense table. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: Confirmed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Use of Proceeds </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 16</B>: You state that the
Fund may use a portion of the proceeds of an offering for general corporate purposes, including the continuation of the Fund&#146;s managed distribution policy. As required by Item 7 of Form <FONT STYLE="white-space:nowrap">N-2,</FONT> if a
substantial portion of the proceeds will not be allocated in accordance with the investment objectives and policies of the registrant, you should state the amount involved. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Page 5 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund respectfully submits that at this time it is anticipated that a
substantial portion of the proceeds will be allocated in accordance with the investment objectives and policies of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Investment Objectives and
Policies </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 17: </B>On page 18, please consider changing the subheading &#147;Certain Investment Practices&#148; since the text following
suggests the Fund may invest in foreign securities and corporate reorganizations without limit. Similarly, we note the subheading &#147;Special Investment Methods&#148; is used to describe derivative strategies which may be principal investments of
the Fund. Any investment that may be a principal investment strategy of the Fund should be identified as such and any <FONT STYLE="white-space:nowrap">non-principal</FONT> investment strategy should be clearly labeled as such to avoid confusion.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: Comment acknowledged. The Fund does not believe any revisions are necessary at this time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 18: </B>Please move the sections entitled &#147;Special Risks of Derivative Transactions&#148; so that it appears under the heading &#147;Risk
Factors and Special Considerations&#148; rather than under &#147;Investment Objectives.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: Comment acknowledged. The
Fund has moved the risk factor under the heading &#147;Risk Factors and Special Considerations.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 19: </B>We note the discussion of
several commodities-related derivatives under the heading &#147;Special Investment Methods.&#148; Since commodities-related derivatives are not considered &#147;securities&#148; for purposes of the qualifying income test, please disclose any
restrictions the Fund may place on these investments to ensure that the Fund does not forfeit its status as a regulated investment company under Subchapter M of the Internal Revenue Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund respectfully submits that disclosure regarding the Fund&#146;s qualification as a regulated investment company under
subchapter M of the Internal Revenue Code can be found under the heading titled &#147;Taxation.&#148; The Fund respectfully submits that it believes that this disclosure sufficiently discloses applicable restrictions that the Fund will place on its
investments in order to maintain its subchapter M status. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 20: </B>On page 19, you describe short sales by the Fund. Please confirm to us that
the fee table includes, as an expense, an estimate of the interest and dividend expenses paid on the Fund&#146;s short sale transactions. See AICPA Audit and Accounting Guide: Investment Companies 7.116 (May 1, 2015). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund confirms that the estimated interest and dividend expenses paid on the Fund&#146;s short sale transactions, if any,
will be included in the fee table. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Page 6 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Risk Factors and Special Considerations </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Long Term Objective; Not a Complete Investment Program </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 21: </B>We note this risk factor is not identified in the prospectus summary. Please identify this risk in the summary, and also consider whether
this risk should be highlighted on the cover page of the prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund respectfully submits that the risk
disclosure is appropriate and consistent with the requirements of Form <FONT STYLE="white-space:nowrap">N-2</FONT> and that no further revisions are necessary at this time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Special Risks Related to Preferred Securities </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 22: </B>Please clarify whether the risks discussed in this section are the only risks applicable to the Fund&#146;s preferred securities or whether
these risks should be considered in addition to all of the other identified risks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund respectfully submits that
the risks discussed in this section are applicable to the Fund&#146;s investments in preferred securities and should be considered in addition to all of the other identified risks. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Counterparty Risk </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 23: </B>Please specify
which derivatives contracts are subject to counterparty risk. <I>See </I>Letter from Barry Miller to the Investment Company Institute (July 30, 2010). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund respectfully submits that, among others, investments in interest rate swaps are subject to counterparty risk and
disclosure regarding interest rate transactions discloses such risk. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Special Risks Related to Cyber Security </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 24: </B>Please clarify that the risk described under this heading is not a risk arising from the Fund&#146;s investment strategy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: As part of its investment strategy, the Fund may invest in securities of issuers that are subject to a cyber security event
and as a result, cyber security is a risk that may arise from the Fund&#146;s investment strategy. The Fund believes that relevant disclosure adequately describes such risk. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Advisory Agreement </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 25: </B>Please disclose
whether the Investment Adviser may recoup any waived fees or reimbursed expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: At this time, the Fund does not
anticipate to recoup any waived fees or reimbursed expenses. </P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Page 7 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 26: </B>If recoupment is permitted, please clarify in the disclosure whether the common
shareholders will bear the recoupment costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: Please see the Fund&#146;s response to Comment 25. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Selection of Securities Brokers </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 27:
</B>Footnote (c)&nbsp;to the Financial Highlights Tables noted that the Fund received credits from a designated broker who agreed to pay certain fund operating expenses. Please describe these credits in this section or elsewhere, as appropriate, in
the prospectus, and state whether this was a voluntary arrangement, whether the broker may recoup the expenses from the Fund, and describe any affiliation between the broker and the Fund or Investment Adviser. To the extent that the broker agreed to
pay credits in a contract with the Fund, please file the contract as an exhibit to the registration statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The
credits described in footnote (c)&nbsp;to the Financial Highlights Tables relate to the Directed Brokerage/Expense Reduction Agreement between the Investment Adviser, on behalf of the Fund, and Convergex Execution Solutions LLC
(&#147;Convergex&#148;). The Directed Brokerage/Expense Reduction Agreement is a voluntary agreement whereby in return for effecting certain transactions through Convergex, the Fund receives commission credits that are used to pay for certain Fund
operating expenses. Convergex is not affiliated with the Investment Adviser or the Fund, and it may not recoup commission credits that the Fund receives. The Fund respectfully submits that it will file the Directed Brokerage/Expense Reduction
Agreement as an exhibit to the registration statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Furthermore, the Fund respectfully submits that it will add the following
disclosure as the third sentence in the first paragraph under the section titled &#147;Selection of Securities Brokers&#148; in the prospectus and as the last sentence in the first paragraph under the section titled &#147;Selection of
Broker/Dealers&#148; in the statement of additional information: &#147;Additionally, the Investment Adviser may enter into agreements on behalf of the Fund, whereby the Fund receives commission credits from certain brokers and dealers to pay Fund
operating expenses, such commission credits are based on brokerage transactions directed to those brokers and dealers.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Custodian, Transfer
Agent, Auction Agent, and Dividend Disbursing Agent </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 28: </B>The Financial Highlights Tables note that the Fund received a one time
reimbursement of custody expenses during the year ended December&nbsp;31, 2016. Please describe this reimbursement in this section or elsewhere, as appropriate, in the prospectus. If the reimbursement was memorialized in a contract, please file the
contract as an exhibit to the registration statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The reimbursement was related to certain expenses that the
Custodian overcharged the Fund and many other investment company clients over a period of many years. If the Fund receives any comparable reimbursements in the future, it will include additional disclosure about such reimbursements in the Notes to
the Financial Statements. The Fund respectfully submits that this one time reimbursement of custody expenses has been disclosed in footnote (d)&nbsp;to the Financial Highlights table and no further disclosure is necessary at this time. The
reimbursement was not memorialized in a contract between the Fund and the Custodian. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Page 8 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>FORM OF PROSPECTUS SUPPLEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Preferred Stock Prospectus Supplement </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 29:
</B>We note that certain series of the preferred stock may be sold prior to the commencement of trading on an exchange and that underwriters do not intend to make a market in the preferred stock during this period so it will be illiquid. Please
highlight this lack of liquidity in the appropriate place in the prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The Fund respectfully submits that
&#147;Liquidity Risk&#148; is included in the preferred stock prospectus supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>STATEMENT OF ADDITIONAL INFORMATION </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Investment Restrictions </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 30: </B>We note that
the Fundamental Policies of the Fund limit the purchase or sale of commodities and commodities contracts but the Fund&#146;s prospectus does not seem to similarly limit the Fund&#146;s principal investments in these instruments. Please consider
revising the discussion of the Fund&#146;s investment policies in the prospectus to incorporate any limitations placed on the Fund by its fundamental policies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: Comment acknowledged. The Fund respectfully submits that it does not believe that such disclosure needs to be included at
this time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>PART C </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Comment 31: </B>Please
include, as an exhibit to the registration statement, the opinion and consent of Maryland counsel and the consent of the auditor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B>Response</B>: The respectfully submits that it will include the opinion and consent of Maryland counsel and the consent of the auditor.
</P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Page 9 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Should you have any questions regarding the foregoing, please do not hesitate to contact the undersigned at the number listed above. Thank
you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><U>/s/ Vadim Avdeychik </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Vadim Avdeychik </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">for PAUL
HASTINGS LLP </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
